What are the requirements for company director and secretary in Singapore?

November 20, 2021
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Craig Fischer
Posted in Business
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Starting your company in Singapore is one of the easiest and most recommended profession if you are a budding businessman or entrepreneur. Of course, you need to start it from somewhere in order to reach the greater heights then, why not Singapore? As per the reports of the world bank, Singapore is the least corrupted countries where any foreigner could be the director and hundred per cent shareholder of the company. What would you expect better than that? This country is the world’s biggest finance hubs where technology and talent lie in every corner.

Before, setting up your business in Singapore, there are certain laws and acts according to which you need to work. Understanding these laws could be your first step towards having your own company in Singapore. From understanding nominee director requirements and all essential Point a company secretary, you require to understand each and everything. If you are confused amid these two, we will here explain you everything.

Officers of business comprise the subsequent:

Nominee director requirements

A director of the company is the individual who is in charge of handling the affairs of the business. He should make choices accurately and in favour of the betterment of the company’s service. Every business in Singapore should have at least one director who would be a resident of Singapore. Here are some other basic Nominee director requirements.

He cannot be disqualified from serving as a nominee director of the company, for example, an undischarged bankrupt.
A director might also be an EP (employment pass), holder. Though, an Employment pass holder wishing to become the nominee director of a private company should first get a LOC (letter of consent) from the ministry of manpower.
He should be an employment pass holder, permanent resident of Singapore or a Singapore citizen.
He should be at least 18 years old.

Point a company secretary

A business should appoint a secretary under six months from its incorporation date. A business secretary should be:

A Singapore citizen, or resident of Singapore.
A natural person

The designation of the company should not be left empty for more than six months. The only director of the business and the secretary of the company could not be the same person.

Managing director and/or Chief executive officer

A business could opt to hire a managing director or Chief executive officer (CEO) to handle and oversee every activity happening in the company. It is not obligatory to hire either Managing director or chief executive officer of the company with accounting and corporate regulatory authority.